Cucurella joins Real Madrid - will Fernandez follow?

The exit of Cucurella from Chelsea is a curious one.

Only last season, the Spain international agreed improved financial terms without extending his contract, a deal that was never formally announced by the club.

After winning the European Championship with Spain, along with the Conference League and Club World Cup at Chelsea, Cucurella appeared to be an integral part of the side under former manager Enzo Maresca.

However, his form dipped under Maresca's mid-season replacement, Liam Rosenior, and - amid a run of poor results - Cucurella criticised the managerial uncertainty and the running of the club more broadly.

Unlike Fernandez, who made similar comments in March, Cucurella was not formally punished.

Yet, despite saying in recent days that he had spoken to incoming boss Xabi Alonso and liked the idea of playing under him, he has opted to leave for Madrid.

Cucurella was quoted by Marca last week as saying: "Yes, I'm attracted to Xabi Alonso's project. I've spoken with him and he inspired a lot of confidence in me. I've also spoken with Grimaldo and Borja, who have worked with him, and they spoke very highly of him. The project seems very interesting."

For Chelsea, the deal makes financial sense. They finished 10th in the Premier League last season, will lose substantial revenue by missing out on European competition, do not currently have a long-term front-of-shirt sponsor, and remain under scrutiny from Uefa under a settlement agreement after breaching squad cost rules.

Although the club insist they do not need to sell players and will remain compliant, the sale of Cucurella improves their financial position. While it represents a small loss on the £60m paid to sign him from Brighton in 2022, due to transfer fees being amortised over the length of his contract, it equates to a profit of around £17.5m in accounting terms.

In addition, Chelsea will have fewer matches next season. With Cucurella turning 28 next month and having three years remaining on his contract, this may have represented the final opportunity to maximise a fee for a player keen to move.

Cucurella was, however, one of Chelsea's most consistent performers over the last two seasons and his departure will reduce the average age of a squad already the youngest in the Premier League.